The 2019 financial statements for Airbnb have recently been published and include a note confirming that it will share data with HM Revenue & Customs (“HMRC”) about the letting income earned by its hosts in the 2018 and 2019 tax years.
There is no 'one size fits all' approach when it comes to protecting family wealth, passing this to future generations in an appropriate way, and at the ‘right time’. Setting up a Family Investment Company (“FIC”) is increasingly a popular choice for successful family business owners as part of their broader succession and tax planning strategy. Planning with trusts has a significant role in protecting family wealth for future generations, however with limitations placed on the value which can be settled into trust this typically forms only part of a plan in which FICs increasingly feature.
As lockdown starts to ease allowing national and international travel to slowly increase, and employers start finalising their plans to open office doors again, there are lots of unknowns around what the ‘norm’ will be for businesses going forward.Will video calls continue to replace face to face client meetings? Will people rush back to working in the office? Although there have been lots of ‘bumps in the road’ for businesses in 2020, providing the best client service for local, national and international clients has remained constant at AAB.
Chancellor of the Exchequer, Rishi Sunak, has recently implied that Capital Gains Tax (“CGT”) rates will come under increased scrutiny, as the Government attempts to fill the budget deficit caused by the ongoing COVID-19 pandemic. With the Autumn Budget soon approaching, these reforms may now just be a matter of weeks away!
Since March 2020, the UK government has provided significant financial support to families and businesses to help support them through the COVID-19 pandemic. Although the country is not out of the woods yet, the economy is starting to reopen and the big question on everyone’s mind is ‘How will we pay for this?’
Discussions have been in place regarding modernising the UK Tax system for several years, with VAT being the first of the UK Taxes to make the move with Making Tax Digital (MTD), rolled out in April 2019 for VAT registered businesses with turnover above the threshold of £85,000. From April 2022 MTD for VAT will be extended to all VAT registered businesses.